Preparing to move out

An important milestone for every Millennial is the decision to move out on their own. When preparing to establish independence in their own residence, it is imperative that Millennials are prepared to take on living expenses. According to U.S census data, 15 percent of Millennials are living in their parents’ home – up from 12 percent in 2010. ACCC is providing Millennials with helpful tips to better prepare for moving out of their parents’ homes.

Get a steady job to ensure a consistent income

Create a budget for expected monthly expenses

Look at your budget and decide how much you can afford in rent

Establish a strong credit history

Start saving at least 10 percent of your paycheck for emergencies

Discuss with your parents which expenses you will be taking over when you move out

Decide if you want to live alone or with roommates, remember roommates can cut some monthly expenses

Find a location you would like to live whether it’s near your place of work or friends

Be sure to research all the pros and cons of each apartment before putting in an application